MANILA, Philippines — Century Pacific Food Inc. (CNPF) is targeting a 10 percent growth in its net income for 2019 amid the steady demand for its products.
“We are targeting double-digit growth in profit and revenue,” CNPF executive chairman Christopher Po said during the company’s annual shareholders meeting yesterday.
Last year, CNPF posted a net income of P2.8 billion, up 11.9 percent as revenue grew 15 percent to P37.9 billion on strong sales.
Revenue from the branded business accounted for 74 percent of the total, equivalent to P8 billion in sales, up 20 percent year-on-year.
All three sub-units of marine, meat, and milk registered higher sales amid an expanding base.
Demand for the company’s products remained robust despite headwinds last year such as high inflation.
In the first quarter, the company’s net income grew to P793 million from P732 million. Revenue increased by 11 percent to P9.7 billion.
For this year, the company plans to launch more products as it seeks to achieve sustainable growth.
CNPF will continue investing in people, brands, facilities, and supply chain, alongside an enterprise-wide initiative to monitor and measure environment, social, and governance metrics as well.
“Our direction as a company is to grow the business 10 percent to 15 percent a year for the next 10 years and to double in size every five years,” Po said.